Business News

U.S. pilots union warns of possible 'safety deficiency' in Boeing 737 MAX

WASHINGTON (Reuters) - The Air Line Pilots Association told U.S. safety regulators on Thursday the union was concerned about “a potential, significant aviation system safety deficiency” in the Boeing 737 MAX aircraft, one of which crashed last month in Indonesia. Boeing Co (BA.N) and the U.S. Federal Aviation Administration issued guidance about the 737 Max’s aviation system last week after a Lion Air jet crash...

15 Nov 7:47 PM 0 Read More...

PG&E's stock deepens slump as wildfire fans liability fears

SAN FRANCISCO (Reuters) - Shares of PG&E Corp sank 29 percent on Thursday, bringing the loss in its stock market value to nearly $16 billion since the breakout of a deadly wildfire in northern California that investors fear will be blamed on the utility. After PG&E warned this week that it could face liability in excess of its insurance coverage if its equipment caused the Camp Fire that a week ago destroyed ...

15 Nov 7:47 PM 0 Read More...

U.S. retail sales rebound on autos, building materials

WASHINGTON (Reuters) - U.S. retail sales rebounded sharply in October as purchases of motor vehicles and building materials surged, likely driven by recovery efforts in areas devastated by Hurricane Florence. The report on Thursday from the Commerce Department also showed broad gains in sales ahead of the holiday shopping season, which bodes well for consumer spending and the overall economy as the fourth quarter get...

15 Nov 2:45 PM 0 Read More...

Upset by Trump's Iran waivers, Saudis push for deep oil output cut

ABU DHABI (Reuters) - When U.S. President Donald Trump asked Saudi Arabia this summer to raise oil production to compensate for lower crude exports from Iran, Riyadh swiftly told Washington it would do so. But Saudi Arabia did not receive advance warning when Trump made a U-turn by offering generous waivers that are keeping more Iranian crude in the market instead of driving exports from Riyadh’s arch-rival down to...

15 Nov 2:45 PM 0 Read More...

J.C. Penney close to 'penny stock' status after poor third quarter

(Reuters) - J.C. Penney Co Inc (JCP.N) withdrew its annual earnings forecast on Thursday, adding to nerves about the future of another one of America’s best known retail names ahead of the crucial holiday selling season. After having fallen from $80 at the turn of the century, shares in the chain of department stores were down nearly 10 percent on Thursday, taking them closer to “penny stock” territory, or a va...

15 Nov 2:45 PM 0 Read More...

Sterling, euro stocks scuttled as Brexit deal slams the rocks

LONDON (Reuters) - Sterling tumbled and the rest of Europe’s share markets groaned on Thursday after a long-awaited Brexit agreement was thrown into chaos as Britain’s chief negotiator for the deal quit just hours after it had been unveiled. Up until that point markets had looked relatively calm. Asia had cheered news that China and the United States were back in contact about their trade dispute, and oil was inc...

15 Nov 2:45 PM 0 Read More...

British Brexit turmoil spooks investors, boosts dollar, yen

LONDON (Reuters) - The dollar jumped and traders bought into the safe-haven yen on Thursday after Britain’s Brexit deal with the European Union was plunged into uncertainty, spooking investors across currency markets. The resignation of a series of British ministers in opposition to the newly-agreed Brexit withdrawal deal sent sterling plummeting more than one percent GBP=D3 EURGBP=D3. It also dragged the euro int...

15 Nov 2:45 PM 0 Read More...

Euro, pound firmer after Brexit deal but broader concerns support dollar

SINGAPORE (Reuters) - The dollar weakened on Thursday against the pound and euro, which rose after Britain’s prime minister won cabinet approval for her draft Brexit plan, although concerns about whether the proposal can clear parliamentary hurdles capped broader gains. Prime Minister Theresa May won the backing of her senior ministers for a European Union divorce deal on Wednesday, pushing the euro and sterling up...

15 Nov 4:44 AM 0 Read More...

Asia stocks lifted by China-U.S. trade hopes; oil resumes retreat

TOKYO (Reuters) - Asian stocks rose on Thursday, taking heart from a bounce in Chinese shares on news that China has delivered a written response to U.S. trade demands, while oil prices resumed their retreat on fears of oversupply. U.S. government sources told Reuters on Wednesday that China had sent a response to U.S. demands for trade reform but gave no further details, raising hopes the two sides could resume nego...

15 Nov 4:44 AM 0 Read More...

Euro, pound rise as trader eye Brexit, Italy

NEW YORK (Reuters) - The euro and sterling rose on Wednesday as traders monitor the latest developments between the European Union and Britain on the latter’s departure from the economic bloc, and the EU and Italy on the resubmission of the latter’s 2019 budget. Hopes the U.K. parliament would approve a draft accord for Brexit have bolstered the two currencies, while the euro has been bogged down by uncertainty o...

14 Nov 6:39 PM 0 Read More...